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Record Stock Drop
Shares in US tech giant Apple are trading almost 1% lower pre-market on Friday. Apple grabbed headlines last month when it became the first company to surpass the $2 trillion mark. To put this in perspective, the $2 trillion valuation makes its stock more valuable than the entirety of the companies listed on the FTSE in the UK.
The US company was catapulted back into the headlines this week, however, for different reasons. Yesterday, there was an 8% drop in its share price. The fall equates to roughly -$179 billion. It marks the largest decline in a US-listed stock on record.
4-for-1 Stock Split Takes Effect
The sell-off comes on the back of Apple’s 4-for-1 stock split took place at the start of the week. The move, which was announced on July 30th, had seen Apple shares rallying by 40% ahead of the split.
Prior to the split, Apple was the largest weighted member of the Dow Jones Industrial Average. It accounted for almost 12% of the 30 members listed. However, in the...
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